http://wiki.blender.org/index.php/Dev:2.5/Doc/Building_Blender/Linux
Gives you most of the information you need.
If you wish to modify the build configuration you should:
cp ./build_files/scons/config/linux-config.py user-config.py
Currently the following changes are needed under fedora 16 (fc16):
11c11
< BF_PYTHON_ABI_FLAGS = 'm' # Most common for linux distros
---
> BF_PYTHON_ABI_FLAGS = 'mu' # Most common for linux distros
90c90
< BF_GETTEXT_LIB = 'gettextlib'
---
> BF_GETTEXT_LIB = 'gettextpo'
137c137
< BF_FFMPEG_INC = '${BF_FFMPEG}/include'
---
> BF_FFMPEG_INC = '${BF_FFMPEG}/include/ffmpeg'
233c233
< WITH_BF_3DMOUSE = True
---
> WITH_BF_3DMOUSE = False
I had the problem that running resulted in the pythin error:
found bundled python: /home/user/Blender/install/linux/2.60/python
Fatal Python error: Py_Initialize: Unable to get the locale encoding
LookupError: no codec search functions registered: can't find encoding
Aborted (core dumped)
The solution to this I found on this page:
The following script which sets various environmental variables for python then starts blender is suggested:
#!/bin/sh
export PYTHONPATH='/usr/lib64/python3.2:/usr/lib64/python3.2/lib-dynload:/usr/lib64/python3.2/site-packages'
export PYTHONHOME='/usr/lib64/python3.2'
cd ../install/linux/
./blender
Which appears to work.
There is currently the issue that cycles renderer is not actually included in the build... kind of missing the entire point of the escapade... I will edit when I work out why that is...